NEWS ROUNDUP — NAR options titanium project

Junior NAR Resources (NRL-M) can acquire a one-third interest in a titanium deposit discovered by privately held Titanium Corp. of Canada in the Shubenacadie River near Truro, N.S.

To earn its interest, NAR must spend $1 million on exploration over 12 months. Afterwards, NAR may merge with Titanium Corp.

NAR says it will partly fund the exploration work with proceeds from a $496,125 private placement, with the balance to be raised by a rights offering to its shareholders.

Since 1997, Titanium Corp. has been carrying out prospecting, sampling, widely spaced drilling and metallurgical testing. The results are said to indicate an extensive mineral-sands deposit containing the titanium minerals rutile, ilmenite and leucoxene, as well as magnetite, monazite, garnets and zircon.

The initial drilling program, spaced at 1-mile intervals to a depth of 13 ft., has indicated an average heavy mineral content of 8.5%.

The proposed next phase of work will include infill drilling and deeper penetration of the mineral sands.

Metallurgical work has established that an acceptable proportion of the economic minerals can be recovered by conventional processing.

Titanium Corp. envisages selling titanium-bearing ore to local steelmaker Sydney Steel Co., which would then produce titanium slag and pig iron for U.S. markets.